Kaminak Gold Corporation (TSX VENTURE:KAM) today announced a non-brokered, private placement offering ("Offering") of 1,000,000 flow-through units ("FT Units") at a price of $0.50 per unit, for total gross proceeds of $500,000 CDN.

Each FT Unit sold will consist of one (1.0) flow-through share and one non-flow-through common share purchase warrant. Each whole common share purchase warrant will be exercisable into one common share for a period of 24 months from closing at a price of $0.55 per share in the first 12 months and $0.70 per share in the subsequent 12 months. All securities issued in the private placement will be subject to a four-month hold period from the closing of the private placement.

The warrants will be subject to an acceleration clause, whereby, if the weighted average trading price of the Corporation's shares on the Exchange is at a price greater than $0.10 above the strike price of a whole common share purchase warrant for a period of 10 consecutive trading days, the Corporation will have the right to accelerate the expiry date of the warrants. The Corporation will give written notice to the holders of the warrants that the warrants will expire within 30 days of the date notice provided by the Corporation to the warrant holders. Such notice by the Corporation to the holders of the warrants may not be given until 4 months and one day after the Closing. The Offering is subject to certain conditions, including regulatory acceptance.

Finder fees may be payable on portions of the Offering. Proceeds for the Offering will be used to fund 2009 exploration programs on Kaminak's Yukon gold and Thundery Bay platinum-palladium properties.

About Kaminak

Kaminak Gold Corporation is an opportunity focused prospect generator whose technical strength and entrepreneurial drive is complemented by a proven, successful business model designed to create shareholder value. The company's business model employs a joint venture strategy that exposes Kaminak shareholders to multiple opportunities for discovery. Kaminak projects offer world-class exploration potential and present exposure to strategic commodities with an emphasis on gold.

Kaminak currently has working capital in excess of $5,400,000 including over $4,400,000 in cash. The company has a low corporate burn-rate of under $60,000 per month and no debt. These factors combine to put Kaminak in a position of strength in the current market. Management will continue to seek out market friendly opportunities which are value-driven with high-potential for discovery.

On behalf of the Board of Directors of Kaminak

Rob Carpenter, Ph.D., P.Geo., President and CEO

Kaminak Gold Corporation

For further information about Kaminak Gold Corporation or this news release, please visit our website at www.kaminak.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Certain disclosures in this release, including management's assessment of plans and projects and intentions with respect to listings of securities, use of proceeds and future exploration programs, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kaminak's operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Kaminak expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.